Category: Economy

Mar 12, 2011 (LBO) – A pension fund of private Sri Lankan citizens managed by the state has made large capital gains by investing in stocks with the share of equity in the 900 billion rupees fund rising to 5.0 percent from 1.3 percent, its managers said. Sri Lanka’s Employees Provident Fund, which is made […]

Mar 11, 2011 (LBO) – The Japanese government handed over an 18 million rupee grant to two community development organizations for development projects in Sri Lanka’s Ratnapura and Trincomalee districts. The Association of Social Activities Development Sri Lanka (ASAD) was the recipient of a 10 million rupee grant for a conflict affected community development project […]

Mar 10, 2011 (LBO) – Sri Lanka’s economic development minister Basil Rajapaksa had told parliament that the state had ‘fully taken over’ a city hotel that is now managed by Hilton, an international chain. The Colombo Hilton is operated on a building owned by Hotel Developers Lanka, a state-controlled firm in which a majority stake, […]

Mar 10, 2011 (LBO) – Hilton Hotels and Resorts says it will continue to manage Sri Lanka’s Colombo Hilton until discussions start with owners following a government move to take over the land on which the hotel is located. Hotel Developers is a majority state controlled firm, which has not filed accounts with the stock […]

Mar 10, 2011 (LBO) – Sri Lanka’s Hotel Developers, a listed firm which owns the building on which Colombo Hilton is operated said a land sub-leased from a private party had been taken over by the state. The state land on which the building was put up has been sub-leased from Cornel and Company, a […]

Mar 09, 2011 (LBO) – Britain is seeing more inquiries from firms who want to do business with Sri Lanka and is standing by to back deals with export credit cover which has been enhanced after the end of a 30-year war, an official said. ECGD gives political risk insurance to cut the risk of […]

Mar 09, 2011 (LBO) – Sri Lanka’s cabinet of ministers has approved changes to several laws reducing taxes paid by companies and individuals to give effect to proposals in the government’s 2011 budget, a statement said. “With the introduction of these changes, the number of taxes payable by a person will get reduced, resulting in […]

Mar 08, 2011 (LBO) – Sri Lanka’s Seylan Bank, being restructured under regulatory supervision has revealed to shareholders some of action it is taking to change processes, trim staff costs and revamp credit policies. Its interest rate spread had increased to 6. 0 percent from 5.18 percent. The bank said its cost-to-income ratio worsened to […]

Mar 08, 2011 (LBO) – Sri Lanka’s central bank said it is holding policy rates steady in despite inflation rising to 7. 8 percent in the 12-months to February, one of the highest in Asia, as it expected food prices to fall in the next two months. Sri Lanka’s central bank also has one of […]

Mar 08, 2011 (LBO) – Sri Lanka is among Asian countries that had lower risks of social unrest from high inflation due to popular administrations, higher growth and lower unemployment, Standard and Poor’s Corporation, a rating agency said. S & P said in a sovereign rating review of the Asia Pacific region that inflation has […]

Mar 07, 2011 (LBO) – Sri Lanka’s has seen a net capital inflow of 51.8 billion rupees (459 million US dollars) into the country through approved securities investments accounts the Central Bank said. The central bank’s exchange control department in 2010 there had been an inflow of 215.9 billion rupees (1,910 million US dollars in […]